Adam and Arin Adams have collected their personal asset and liability information and have asked you to put together a balance sheet as of December 31, 2012. The following information is received from the Adams family.

a. Create a personal balance sheet as of December 31, 2012. It should be similar to a corporate balance sheet.
b. What must the total assets of the Adams family be equal to by December 31, 2012?
c. What was their net working capital (NWC) for theyear?

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funds, IRA 2,000 15,000 8,000 2,000 Money market funds 1,200 8,000 Jewelry and artwork 3,000 76,500 250 Household furnishings 4,200 2,000 3,000 $ 300 Retirement Cash Checking Savings IBM stock Auto loan Mortgage Medical bills payable Utility bills payable Real estate 3,000 2011 Sebring 1,200 2010 Jeep 100,000 Ne worth 150 Credit card balance 150,000 Personal loan